PBOC sets USD/ CNY reference rate for today at 7.1196 (vs. estimate at 7.2698)

The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

  • USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.
  • CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.
  • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

The previous close was 7.2604


PBOC injects 10bn via 7-day RR, sets rate at an unchanged 1.8%

  • 2 bn yuan mature today
  • a net 8 bn yuan injection Open Market Operations (OMOs)

USD/CNH has dropped on the setting, circa 7.28850 (its all over the shop, so this a guide only)

This article was written by Eamonn Sheridan at www.forexlive.com. Source